this is my bad on-going experience with standard chartered bank

1. I had decided to purchase a subsale double-storey terrace house for RM350k located in USJ.
This house would be jointly owned by me and my relative.
We have decided to take a RM200k Islamic home loan from Standard Chartered.
the rate is slightly better than conventional loan.

2. Me and my relative went to the Taipan USJ branch to submit our documents, on 11 January.
We were attended to by a young sales consultant in his 20s.

3. sales consultant informed us only my documents were needed. My relative IC was not needed.
He also said that we did not need to purchase MRTA.
(at this time he gave us wrong advice.)
We submitted all documents and loan application on 11 Jan.

4. On the 19 January (after 6 working days), sales consultant informed me that my relative needed to submit her IC photocopy.
My relative submitted her IC on that day.

5. On the 2nd Febuary (after 10 working days ), sales consultant provided the loan offer letter for me and my relative to sign.

6. We signed and submitted the offer letter on the next day (3rd February).

7. On the 10 Febuary (after 5 working days ), sales consultant informed us that the offer letter had some problem and had to be amended. The offer letter stated that we had purchased MRTA, when we actually did not need to.
I signed the amended offer letter and resubmitted to sales consultant on the 11 February.

8. On febuary 18, I called the bank to inquire the status. They tell me there is a important Islamic form which the bank needs to purchase, but is not in stock. Dont know when will have stock. The bank needs to send this Islamic form to my lawyer in order for them to get ready my loan agreement.

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SUMMARY:
11 Jan - I submit documents and loan application. (the salesguy say no need my relative IC )
19 Jan - I submit relative's IC upon request from StanChart. ( 1 week delay bcos wrong advice by the salesguy)
2 Feb - I receive offer letter
3 Feb - I sign and submit offer letter
10 Feb - StanChart issues amended offer letter ( another 1 week delay bcos mistake by the salesguy)
11 Feb - I sign and submit amended offer letter
25 Feb - the instruction letter sent to the lawyer (takes 2 weeks so slow)
3 March - the Islamic form sent to the lawyer (only now the lawyer can get the loan agreement ready for me to sign)

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nearly 2 months after submitting my loan application, only now can my lawyer get to work.
The entire process has been a long list of errors and delays caused by Standard Chartered bank.
now i am at risk of exceeding 90 days and have to pay 8% interest to the vendor

This post has been edited by sootienann: Mar 4 2010, 02:12 PM

sometimes is not bank fault, can be sales officer. he or she might be lazy. eg high target already or keep for next month

i understand how frustrating it is; especially if there's no way to lodge a complain on this officer.....just be patient and good luck

Stanchart's islamic mortgage loan is a mess, I also kena last time when I tried to refinance my loan......

their MOA is good though.....

Is time for you to change. Go for AIA home loan. Pm me. I can share with you more if you're interested.

how much AIA fixed rates for condo or completed property currently

This post has been edited by airline: Mar 12 2010, 05:12 PM